EverythingForex
Long

UPDATE #1: TRADE: BUY@.72567 AUDUSD: Triangle completion

FX:AUDUSD   Australian Dollar/U.S. Dollar
One thing is obvious. This pair is consolidating. Lots of back and forth. So much so that now I can see yet another triangle forming within the larger POTENTIAL triangle. And the recent price movements have also led to a POTENTIAL butterfly pattern as well. This butterfly would finish somewhere above the upper TL of the larger triangle slightly above where the POTENTIAL bat would complete. IF prices get there. Which at this point, is unknowable.

What I have done is to move my TP1 to the completion of that POTENTIAL smaller triangle while making the completion of that larger triangle's point 5 as the TP2. Stops for this trade have not been moved as of yet. They still are below the point 4 of the larger triangle which is also the origination point of the bat.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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BlackPipper
a year ago
I closed my au long when I observed 4h candle unable to close above 20 sma.
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EverythingForex PRO BlackPipper
a year ago
Good. If that is part of your trading strategy, then nothing wrong with that.
+1 Reply
BlackPipper EverythingForex
a year ago
yeah! from your charts I have started thinking from another angle. These patterns have an edge over sma as they give a quick signal to enter. SMA confirms it quite late.
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EverythingForex PRO BlackPipper
a year ago
Patterns are forward looking. MA's are lagging indicators. Actually, that is really a misnomer. They really don't "indicate" anything. They only tell the past. They have their uses and their place in a trader's tool chest but too unreliable for me. Still, I know there are systems built around them that work provided they are combined with sound money management.
+2 Reply
BlackPipper EverythingForex
a year ago
yeah I agree....when I tried to automate my strategy, it could not perform well. Then I realized that manually I consider so many things before trading. So MAs alone are nothing. But I have keenly observed them and they work nice as support/resistance. Like this au trade, if candle had closed above MA then I could get into another long entry based on purely MA.
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bkarri
a year ago
@EverythingForex - Other triangles that have bottom around .710**, are they still valid or price reach that point in near future?
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aeu.webmaster
a year ago
great, already in buy @ .72507
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rudycwk
a year ago
Awesome! Bought at @.72567. Are we looking at abt +60 pips?
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bkarri
a year ago
If price breaks down the minor sr level @ .72048, can it be considered down trend towards .71 levels?
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Tute
a year ago
Hi, I've been operating this based on Elliot wave in TF H4 , and i used a Fibonacci from candle 29-10-15 08:00 hs to candle 12-10-15 16:00, and I think maybe the price goes down to the 50% level of Fibonacci (0.717) to complete the wave "C"
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muneergohar
a year ago
hi your not sending idea in last 4 days why
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muneergohar muneergohar
a year ago

i follow your ideas
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with the gartley pattern, are you assuming that it the pattern completes and target 1 is hit (Predictive analysis), then target 1 will be your entry to go long?
or u using a 50% fib retracement as your entry level
Reply
anthony.pham00 PRO anthony.pham00
a year ago
snapshot
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